Crocs, Inc. (NASDAQ:CROX) Q3 2024 Earnings Call October 29, 2024 8:30 AM ET

Company Participants

Erinn Murphy - Senior Vice President, Investor Relations and Corporate Strategy
Andrew Rees - Chief Executive Officer
Susan Healy - Chief Financial Officer

Conference Call Participants

Jonathan Komp - Baird
Jim Duffy - Stifel
Adrienne Yih - Barclays
Chris Nardone - Bank of America
Bob Drbul - Guggenheim Securities
Rick Patel - Raymond James
Sam Poser - Williams Trading
Jay Sole - UBS
Anna Andreeva - Piper Sandler

Operator

Good day and welcome to the Crocs Third Quarter 2024 Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Erinn Murphy, Senior Vice President of Investor Relations and Corporate Strategy. Please go ahead.

Erinn Murphy

Good morning and thank you for joining us to discuss Crocs, Inc.’s third quarter results. With me today are Andrew Rees, Chief Executive Officer; and Susan Healy, Chief Financial Officer. Following their prepared remarks, we will open the call for your questions, which we ask that you limit to one per caller.

Before I begin, I would like to remind you that some of the information provided on this call is forward-looking and accordingly, is subject to the safe harbor provisions of the federal securities laws. These statements include, but are not limited to, statements regarding our strategy, plans, objectives, expectations and intentions, including our financial outlook. These statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results, performance or achievements to differ materially. Please refer to our quarterly reports on Form 10-Q and other reports filed with the SEC for more information on these risks and uncertainties. Certain financial metrics that we refer to as adjusted or non-GAAP are non-GAAP measures. A reconciliation of these amounts to their GAAP counterparts is contained in the press release we issued earlier this morning. All revenue growth rates will be cited on a constant currency basis unless otherwise stated.

At this time, I’ll turn the call over to Andrew Rees, Crocs, Inc.’s Chief Executive Officer.

Andrew Rees

Thank you, Erinn and good morning everyone. Thank you for joining us today. We reported third quarter results that exceeded our guidance in terms of sales and profitability on an enterprise basis. Consolidated enterprise revenues of $1.1 billion grew 2% to prior year, led by 5% growth in DTC. By brand, Crocs brand grew 8%, with international up 17% and North America up 2%. HEYDUDE revenues contracted 17%, slightly below our expectations. Adjusted diluted EPS of $3.60 a share increased 11%.